Mike Baker

The Tax Cuts and Jobs Act— The Death of Alternative Minimum Tax?

The Tax Cuts and Jobs Act (TCJA) made major changes to the Alternative Minimum Tax (AMT). The minimum tax was enacted in 1969. The idea was for high-income households (with lots of deductions) to pay their share of taxes. There was a problem, though. The AMT exemptions were never indexed for inflation, so as wages…
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The Tax Cuts and Jobs Act—Changes to the Child Tax Credit

  The Tax Cuts and Jobs Act (TCJA) brought major changes to the child tax credit. For tax years 2018 through 2025, the credit is doubled from $1,000 to $2,000 per qualifying child. In addition, up to $1,400 of the credit is refundable. What’s more, the income phase-out was expanded, which means more taxpayers will…
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Billing and Collections | Engineering Firms

Take Charge of Billing and Collections Almost every professional services firm has issues with collections at some time or another. I regularly talk with engineering firms who let billing and collections get out of control. At the very least, most firms would benefit from making improvements to their collections processes. So let’s take a look…
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Billing and Collections | Law Firms

Take Charge of Billing and Collections Almost every professional services firm has issues with collections at some time or another. At the very least, most firms would benefit from making improvements to their collections processes. So let’s take a look at some different approaches and ideas to see what might pay off best for your…
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Itemized Deductions from A to Z, Part 12: Job Expenses and Miscellaneous Deductions

This is part twelve in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. We’re almost done with our series on itemized deductions. The final sections we’ll cover…
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Itemized Deductions from A to Z, Part 11: Some Rules Regarding Casualty and Theft Losses

This is part eleven  in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Thankfully, we don’t see a lot of casualty and theft losses. For a casualty…
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Itemized Deductions from A to Z, Part 10: Charitable Limitations and Carryovers

This is part ten in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Your adjusted gross income (last line on page 1 of Form 1040) serves as…
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Itemized Deductions from A to Z, Part 6: Feeling Charitable and Making Contributions

This is part six in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. First, let’s look at what type of organization qualifies to receive deductible contributions. The…
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Itemized Deductions from A to Z, Part 5: Investigating Deductions and Investment Interest

This is part five in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Interest paid on debts to acquire investment assets is deductible but limited to net…
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Itemized Deductions from A to Z, Part 1: The Basics

For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website.   All qualifying taxpayers are allowed a standard deduction regardless of actual deductions. For those under 65 years of age, the basic standard deduction for 2014 is $12,400 if married and filing jointly…
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